1.00% Discount for Term Shared Ownership
Representing a 1.00% discount off our Residential Standard Variable Rate
(The overall cost for comparison)
Available for: Purchase and Remortgage
Min/Max Adv: £25,000/£1,000,000
Max Loan To Value: 90% of share
Arrangement Fee: None
Valuation Fee: Payable on application. See Valuation Fee leaflet.
Early Repayment Charge (ERC): 3% in the first three years
Overpayments: 10% of the advance amount can be repaid per annum for three years without incurring a charge. A 3% charge is due on any amount repaid that exceeds 10% per annum
Restrictions: This mortgage must be repaid on a capital & interest basis
Other Features: Minimum share 10%
A mortgage of £245,626 payable over 20 years on our discounted rate at 1.00% below the Society’s Residential Standard Variable Rate of 4.99% (variable) for the mortgage term of 20 years would require 240 monthly payments of £1,487.15 plus one initial interest payment amount of £805.52.
The total amount payable would be £358,386.52 made up of the loan amount plus interest (£112,095.52) and Valuation fee (£390), CHAPS fee (£25), Application Fee (£125) and Discharge fee (£125).
The overall cost for comparison is 4.1% APRC representative.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE